Shiba

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Shiba Inu

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/whales-boost-shiba-inu-purchases" data-wpel-link="internal" rel="noopener noreferrer nofollow">Whales Boost Shiba Inu Purchases</a><br></p>
<p style="text-align: justify">Shiba Inu (SHIB) saw a price recovery on Thursday after reaching a six-month low due to a recent market downturn. Despite a current upward movement, the overall trend remains bearish. For SHIB to maintain a sustainable upward trajectory, it must breach key resistance levels, necessitating increased trading volume.</p>
<h2 id="whales-show-increased-interest">Whales Show Increased Interest</h2>
<p style="text-align: justify">The growing interest from Shiba Inu whales has caught attention recently. The whale transactions metric, which tracks SHIB transfers exceeding $100,000, has shown an uptick in large transactions, according to <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> from IntoTheBlock. This increase, particularly between August 7-8, signifies heightened investor interest, suggesting a positive price outlook for Shiba Inu.</p>
<p style="text-align: justify">Arkham Intelligence reports that a new whale starting with 0x4B5C purchased 220.34 billion SHIB via Coinbase in the last 48 hours, investing $3.11 million. This has increased the number of long-term SHIB holders and bolstered market confidence, although the overall trend remains bearish.</p>
<h2 id="market-dynamics">Market Dynamics</h2>
<p style="text-align: justify">In the derivatives market, SHIB’s Open Interest (OI) rose by 9.2% in the past 24 hours, reflecting capital inflow into the <a href="https://en.bitcoinhaber.net/pepe-coin-shows-remarkable-resilience-in-bearish-market" data-wpel-link="internal" rel="noopener noreferrer nofollow">memecoin</a>. However, the cumulative volume delta (CVD) dropped to -204B, indicating higher selling activity. This suggests that short positions are being opened as the price nears resistance, hinting at a potential continuation of the downtrend.</p>
<h2 id="investor-takeaways">Investor Takeaways</h2>
<p style="text-align: justify">Key insights from recent market activity:</p>
<ul>
 <li>Significant whale purchases indicate rising long-term <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investment</a> interest.</li>
 <li>Increased Open Interest points to growing capital inflows despite bearish trends.</li>
 <li>Technical indicators suggest the price remains under pressure and may face a pullback.</li>
</ul>
<p style="text-align: justify">Shiba Inu’s price remains in a general downtrend, currently below the 50-day and 200-day Exponential Moving Averages (EMAs), reinforcing the bearish sentiment. A short-term upward correction is in play, with attempts to break out of the descending channel. If SHIB climbs above the 200-day EMA, it could signal renewed strength and negate the bearish outlook. However, technical indicators like RSI and CMF warn of potential price pressure and a possible pullback following the recent rise.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/whales-boost-shiba-inu-purchases" data-wpel-link="internal" rel="noopener noreferrer nofollow">Whales Boost Shiba Inu Purchases</a></h5>

Whales Boost Shiba Inu Purchases

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